On the timing of balance of payments crises: Disaggregated information and interest rate policy

This paper proposes a dynamic framework to study the timing of balance of paymentscrises. The model incorporates two main ingredients: (i) investors have private information; (ii)investors interact in a dynamic setting, weighing the high returns on domestic assets against the incentives to pull out before the devaluation. The model shows that the presence of disaggregated information delays the onset of BOP crises, giving rise to discrete devaluations. It also shows that high interest rates can be eective in delaying and possibly avoiding the abandonment of the peg. The optimal policy is to raise interest rates sharply as fundamentals become very weak. However, this policy is time inconsistent, suggesting a role for commitment devices such as currency boards or IMF pressure.

Balance de la adopción internacional en España y perspectivas de futuro

El present Treball Fi de Carrera tracta de dur a terme un estudi sobre l'adopció internacional a Espanya. Per analitzar els aspectes d'aquesta figura ens centrarem primerament en la protecció del menor i el seu desenvolupament en el nostre ordenament a través de diverses normatives, tant estatals com convencionals. Únicament amb el desenvolupament de la protecció del menor, podem parlar de l'aparició de l'adopció internacional com a tal a Espanya. Investigarem amb quins materials jurídics comptava Espanya abans i després de la Llei 54/2007 d'adopció internacional, així com els aspectes històrics i demogràfics i les seves respectives causes i conseqüències. Així mateix, observarem el perfil de l'adoptant, així com el de l'adoptat quan arriba al nostre país.

Investigación y desarrollo en preservación digital: un balance internacional

Se presenta una panorámica de las acciones de investigación y desarrollo en preservación digital en el ámbito internacional, incluyendo un apartado dedicado a la situación en España. La mayor atención se da en las aplicaciones de preservación digital en bibliotecas y archivos, pero también se presenta someramente la situación en otros entornos como los repositorios institucionales, los archivos administrativos, los archivos personales, la industria aeroespacial y los museos. El análisis de los protagonistas de la investigación lleva a destacar el papel preeminente de algunas bibliotecas y archivos nacionales, de determinados países y una incipiente entrada de empresas de software. En cuanto a las líneas de investigación destaca la integración de herramientas para generar sistemas de preservación integrados.

Towards a theory of the credit-risk balance sheet

This article designs what it calls a Credit-Risk Balance Sheet (the risk being that of default by customers), a tool which, in principle, can contribute to revealing, controlling and managing the bad debt risk arising from a company¿s commercial credit, whose amount can represent a significant proportion of both its current and total assets.To construct it, we start from the duality observed in any credit transaction of this nature, whose basic identity can be summed up as Credit = Risk. ¿Credit¿ is granted by a company to its customer, and can be ranked by quality (we suggest the credit scoring system) and ¿risk¿ can either be assumed (interiorised) by the company itself or transferred to third parties (exteriorised).What provides the approach that leads to us being able to talk with confidence of a real Credit-Risk Balance Sheet with its methodological robustness is that the dual vision of the credit transaction is not, as we demonstrate, merely a classificatory duality (a double risk-credit classification of reality) but rather a true causal relationship, that is, a risk-credit causal duality.Once said Credit-Risk Balance Sheet (which bears a certain structural similarity with the classic net asset balance sheet) has been built, and its methodological coherence demonstrated, its properties ¿static and dynamic¿ are studied.Analysis of the temporal evolution of the Credit-Risk Balance Sheet and of its applications will be the object of subsequent works.

Towards a theory of the credit-risk balance sheet (II). The evolution of its structure

This article has an immediate predecessor, upon which it is based and with which readers must necessarily be familiar: Towards a Theory of the Credit-Risk Balance Sheet (Vallverdú, Somoza and Moya, 2006). The Balance Sheet is conceptualised on the basis of the duality of a credit-based transaction; it deals with its theoretical foundations, providing evidence of a causal credit-risk duality, that is, a true causal relationship; its characteristics, properties and its static and dynamic characteristics are analyzed. This article, which provides a logical continuation to the previous one, studies the evolution of the structure of the Credit-Risk Balance Sheet as a consequence of a business¿s dynamics in the credit area. Given the Credit-Risk Balance Sheet of a company at any given time, it attempts to estimate, by means of sequential analysis, its structural evolution, showing its usefulness in the management and control of credit and risk. To do this, it bases itself, with the necessary adaptations, on the by-now classic works of Palomba and Cutolo. The establishment of the corresponding transformation matrices allows one to move from an initial balance sheet structure to a final, future one, to understand its credit-risk situation trends, as well as to make possible its monitoring and control, basic elements in providing support for risk management.

Transformation kernel density estimation of actuarial loss functions

[cat] Es presenta un estimador nucli transformat que és adequat per a distribucions de cua pesada. Utilitzant una transformació basada en la distribució de probabilitat Beta l’elecció del paràmetre de finestra és molt directa. Es presenta una aplicació a dades d’assegurances i es mostra com calcular el Valor en Risc.

Towards a theory of the credit-risk balance sheet

This article designs what it calls a Credit-Risk Balance Sheet (the risk being that of default by customers), a tool which, in principle, can contribute to revealing, controlling and managing the bad debt risk arising from a company¿s commercial credit, whose amount can represent a significant proportion of both its current and total assets.To construct it, we start from the duality observed in any credit transaction of this nature, whose basic identity can be summed up as Credit = Risk. ¿Credit¿ is granted by a company to its customer, and can be ranked by quality (we suggest the credit scoring system) and ¿risk¿ can either be assumed (interiorised) by the company itself or transferred to third parties (exteriorised).What provides the approach that leads to us being able to talk with confidence of a real Credit-Risk Balance Sheet with its methodological robustness is that the dual vision of the credit transaction is not, as we demonstrate, merely a classificatory duality (a double risk-credit classification of reality) but rather a true causal relationship, that is, a risk-credit causal duality.Once said Credit-Risk Balance Sheet (which bears a certain structural similarity with the classic net asset balance sheet) has been built, and its methodological coherence demonstrated, its properties ¿static and dynamic¿ are studied.Analysis of the temporal evolution of the Credit-Risk Balance Sheet and of its applications will be the object of subsequent works.

Towards a theory of the credit-risk balance sheet (II). The evolution of its structure

This article has an immediate predecessor, upon which it is based and with which readers must necessarily be familiar: Towards a Theory of the Credit-Risk Balance Sheet (Vallverdú, Somoza and Moya, 2006). The Balance Sheet is conceptualised on the basis of the duality of a credit-based transaction; it deals with its theoretical foundations, providing evidence of a causal credit-risk duality, that is, a true causal relationship; its characteristics, properties and its static and dynamic characteristics are analyzed. This article, which provides a logical continuation to the previous one, studies the evolution of the structure of the Credit-Risk Balance Sheet as a consequence of a business¿s dynamics in the credit area. Given the Credit-Risk Balance Sheet of a company at any given time, it attempts to estimate, by means of sequential analysis, its structural evolution, showing its usefulness in the management and control of credit and risk. To do this, it bases itself, with the necessary adaptations, on the by-now classic works of Palomba and Cutolo. The establishment of the corresponding transformation matrices allows one to move from an initial balance sheet structure to a final, future one, to understand its credit-risk situation trends, as well as to make possible its monitoring and control, basic elements in providing support for risk management.

Transformation kernel density estimation of actuarial loss functions

[cat] Es presenta un estimador nucli transformat que és adequat per a distribucions de cua pesada. Utilitzant una transformació basada en la distribució de probabilitat Beta l’elecció del paràmetre de finestra és molt directa. Es presenta una aplicació a dades d’assegurances i es mostra com calcular el Valor en Risc.

Classical predictive electrodynamics of two charges with radiation: Energy and 3. momentum balance and scattering crossections-II

We deal with a classical predictive mechanical system of two spinless charges where radiation is considered and there are no external fields. The terms (2,2)Paa of the expansion in the charges of the HamiltonJacobi momenta are calculated. Using these, together with known previous results, we can obtain the paa up to the fourth order. Then we have calculated the radiated energy and the 3-momentum in a scattering process as functions of the impact parameter and the incident energy for the former and 3-momentum for the latter. Scattering cross-sections are also calculated. Good agreement with well known results, including those of quantum electrodynamics, has been found.

Intestinal and hepatic nitrogen balance in the rat after the administration of an oral protein load

The fate of a small oral dose of protein given to overnight-starved rats was studied. After 3 h, 62 per cent of the protein amino acids had been absorbed. Most of the absorbed N went into the bloodstream through the portal in the form of amino acids, but urea and ammonia were also present. About one-quarter of all absorbed N was carried as lymph amino acids. The liver was able to take all portal free ammonia and a large proportion of portal amino acids, releasing urea. The hepatic N balance was negative, indicating active proteolysis and net loss of liver protein.

Balance del siglo XIX: la medicina

Amb motiu del Quart Congrés d'Història de la Medicina Catalana, es publica aquest recull d'articles del Doctor Robert, aparescuts a La Vanguardia a partir del 1901 i que aporten un testimoni directe d'un moment àlgid de la medicina catalana. Els recopil·ladors, en Josep M. Calbet i en Jacint Corbella, pretenen també destacar la implicació política d'aquest personatge tan rellevant.

El Graduado Superior en Arqueología. Balance de una experiencia docente en la Universidad de Barcelona (2000-2005)

La universidad de Barcelona inició la docencia de la Prehistoria y la Arqueología en 1916 con P. Bosch Gimpera. Desde entonces la arqueología en la universidad de Barcelona ha tenido una brillante trayectoria y ha conocido diversos planes de estudio cuyas vicisitudes se presentan brevemente. La experiencia acumulada a lo largo de casi un siglo de enseñanza e investigación ha servido para organizar un título propio de Arqueología: el Graduado Superior en Arqueología, que lleva cuatro cursos funcionando. De esta experiencia piloto se presenta la estructura del título, la viabilidad del mismo por la demanda social existente y, finalmente, se apoya la idea de petición de un Grado de Arqueología como mejor fórmula para el futuro de la Arqueología en la universidad

Adaptacion al medio y transformacion artesanal: balance actual de las investigaciones acerca del alfar medieval de Cabrera d'Anoia

Las investigaciones sobre Cabrera d"Anoia (Barcelona) han avanzado de forma considerable en los últimos años. La caracterización de los materiales y el estudio de la documentación arqueológica han logrado definir un particular sistema de producción de cerámica que se desarrolla en un marco rupestre de dimensiones limitadas. Una situación que obliga a la modificación continua del área de trabajo en beneficio de las actividades productivas. Este artículo analiza ese proceso de adaptación y transformación permanente del espacio artesanal a partir de los datos proporcionados por el yacimiento. Se trata, en consecuencia, de esbozar un primer balance de los resultados más recientes tras 20 años de investigación sobre este alfar.